$LGL
LGL GROUP INC

2022 Q4 Form 10-Q Financial Statement

#000156459022037650 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $524.0K $8.761M
YoY Change -92.74% 16.8%
Cost Of Revenue $837.0K $5.891M
YoY Change -82.32% 23.19%
Gross Profit $818.0K $2.870M
YoY Change -67.1% 5.55%
Gross Profit Margin 156.11% 32.76%
Selling, General & Admin $2.865M $2.749M
YoY Change -7.04% -20.66%
% of Gross Profit 350.24% 95.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.00K $191.0K
YoY Change -89.94% 30.82%
% of Gross Profit 1.96% 6.66%
Operating Expenses $2.865M $2.749M
YoY Change -7.04% -20.66%
Operating Profit -$192.0K $121.0K
YoY Change -67.79% -116.22%
Interest Expense -$4.334M -$2.070M
YoY Change -79.6% -105.01%
% of Operating Profit -1710.74%
Other Income/Expense, Net $29.00K -$2.083M
YoY Change -110.78% -105.01%
Pretax Income -$163.0K -$1.962M
YoY Change -99.26% -104.81%
Income Tax -$164.0K -$503.0K
% Of Pretax Income
Net Earnings $133.0K -$1.459M
YoY Change -100.78% -104.59%
Net Earnings / Revenue 25.38% -16.65%
Basic Earnings Per Share $0.02 -$0.27
Diluted Earnings Per Share $0.02 -$0.27
COMMON SHARES
Basic Shares Outstanding 5.349M 5.346M
Diluted Shares Outstanding 5.356M 5.346M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.09M $39.36M
YoY Change -15.69% -40.74%
Cash & Equivalents $21.51M $22.29M
Short-Term Investments $16.59M $17.07M
Other Short-Term Assets $440.0K $217.0K
YoY Change -10.93% -47.58%
Inventory $265.0K $7.584M
Prepaid Expenses
Receivables $543.0K $5.622M
Other Receivables $0.00 $0.00
Total Short-Term Assets $39.34M $52.78M
YoY Change -29.54% -31.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000K $3.560M
YoY Change -99.97% 1.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $234.0K $18.00K
YoY Change 4580.0% -33.33%
Total Long-Term Assets $445.0K $5.120M
YoY Change -89.07% 34.56%
TOTAL ASSETS
Total Short-Term Assets $39.34M $52.78M
Total Long-Term Assets $445.0K $5.120M
Total Assets $39.79M $57.90M
YoY Change -33.59% -28.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $310.0K $3.034M
YoY Change -78.69% 118.59%
Accrued Expenses $276.0K $2.022M
YoY Change -88.36% 28.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $587.0K $5.132M
YoY Change -86.74% 73.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $708.0K $593.0K
YoY Change 15.5% 173.27%
Total Long-Term Liabilities $708.0K $593.0K
YoY Change 15.5% 173.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $587.0K $5.132M
Total Long-Term Liabilities $708.0K $593.0K
Total Liabilities $1.295M $5.725M
YoY Change -74.92% -37.97%
SHAREHOLDERS EQUITY
Retained Earnings -$7.329M $6.365M
YoY Change -177.53%
Common Stock $46.40M $46.39M
YoY Change 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.49M $52.18M
YoY Change
Total Liabilities & Shareholders Equity $39.79M $57.90M
YoY Change -33.59% -28.45%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $133.0K -$1.459M
YoY Change -100.78% -104.59%
Depreciation, Depletion And Amortization $16.00K $191.0K
YoY Change -89.94% 30.82%
Cash From Operating Activities $14.00K $56.00K
YoY Change -98.76% -68.72%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K -$268.0K
YoY Change -99.71% -25.35%
Acquisitions
YoY Change
Other Investing Activities $181.0K -$13.00K
YoY Change -98.58% -102.66%
Cash From Investing Activities $182.0K -$281.0K
YoY Change -98.53% -317.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -980.0K 191.0K
YoY Change 842.31% 516.13%
NET CHANGE
Cash From Operating Activities 14.00K 56.00K
Cash From Investing Activities 182.0K -281.0K
Cash From Financing Activities -980.0K 191.0K
Net Change In Cash -784.0K -34.00K
YoY Change -105.84% -110.03%
FREE CASH FLOW
Cash From Operating Activities $14.00K $56.00K
Capital Expenditures -$1.000K -$268.0K
Free Cash Flow $15.00K $324.0K
YoY Change -98.98% -39.78%

Facts In Submission

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PaymentForTaxesRelatedToNetShareSettlementOfEquityAwards
50000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
191000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31000
us-gaap Payments Of Financing Costs
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20000
us-gaap Net Cash Provided By Used In Financing Activities
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121000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6725000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2738000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29016000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18331000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22291000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15593000
lgl Non Cash Distribution Of Iron Net Securities By Sponsor
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65250000
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
40000
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3350000
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ProceedsFromSubscriptionOfInvestment
2725000
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GainLossOnInvestments
-2121000
CY2021Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-18867000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-4449000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-18665000
lgl Realized Gain On Sale Of Marketable Securities
RealizedGainOnSaleOfMarketableSecurities
112000
lgl Realized Loss On Sale Of Marketable Securities
RealizedLossOnSaleOfMarketableSecurities
744000
CY2021Q3 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2022Q3 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
21990000
lgl Fund Management Fee Percent
FundManagementFeePercent
0.0060
lgl Fund Management Fee
FundManagementFee
133000
lgl Fund Management Fee Percent
FundManagementFeePercent
0.0035
lgl Fund Management Fee
FundManagementFee
54000
CY2021Q4 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
15595000
CY2022Q3 lgl Number Of Mutual Fund Investment
NumberOfMutualFundInvestment
4
CY2021Q4 lgl Number Of Mutual Fund Investment
NumberOfMutualFundInvestment
4
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1675000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1428000
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3676000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2314000
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2724000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2196000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1184000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
982000
CY2022Q3 us-gaap Inventory Net
InventoryNet
7584000
CY2021Q4 us-gaap Inventory Net
InventoryNet
5492000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5346043
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5273786
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5334774
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5273263
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
52029
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
61271
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5346043
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5325815
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5334774
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5334534
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
us-gaap Number Of Reportable Segments
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2
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8761000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7501000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24303000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20919000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
121000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-746000
us-gaap Operating Income Loss
OperatingIncomeLoss
466000
us-gaap Operating Income Loss
OperatingIncomeLoss
-190000
CY2022Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
51000
CY2021Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
51000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-9000
CY2021Q3 lgl Gain Loss On Equity Investment In Unconsolidated Subsidiary
GainLossOnEquityInvestmentInUnconsolidatedSubsidiary
60205000
lgl Gain Loss On Equity Investment In Unconsolidated Subsidiary
GainLossOnEquityInvestmentInUnconsolidatedSubsidiary
59453000
CY2022Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-2121000
CY2021Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-18867000
us-gaap Investment Income Net
InvestmentIncomeNet
-4449000
us-gaap Investment Income Net
InvestmentIncomeNet
-18665000
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-13000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
240000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-37000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
280000
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2083000
CY2021Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
41575000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4435000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
41059000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1962000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40829000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3969000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40869000

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